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Downtrend Broken Resist.Archive
- 11/24/2023 -
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Citigroup Inc. (C) Technical Analysis
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| Summary:
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| | It was the negative week for the Citigroup Inc. (C). During the week, the C gave back -0.13 points, or -0.29%, and closed at 45.23 on Friday, November 24, 2023. Weekly volume was -28% below average.
C is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See C long-term trend chart]
A long-term downtrend had started on June 2, 2021 at 80.29 and reached 38.17 on October 27, 2023. C lost 42.12 points, or 52.46%, in 125 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (17.00) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. C may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See C medium-term trend chart]
A medium-term downtrend had started on February 2, 2023 at 53.23 and reached 38.17 on October 27, 2023. C lost 15.06 points, or 28.29%, in 38 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (37.68) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. C may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See C weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 10, 2023. Use the following link to access a MACD help.
 Short-term trend: [See C short-term trend chart]
A short-term uptrend had started on October 27, 2023 at 38.17 and reached 45.74 on November 20, 2023. C gained -7.57 points, or -19.83%, in 24 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (45.35) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
 Daily Technical Indicators: [See C daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since November 1, 2023. This is an indication that the short-term trend is up.
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